The Contributory Pension Scheme, CPS, would eventually make corruption in Nigeria a issue of the past if usually embraced in strict compliance with its establishing legal provisions, Managing Director of Premium Pension Restricted, Mr. Wilson Ideva, has stated.
Ideva manufactured this assertion in the course of the just lately held Pension Fund Administration Summit for Education Ministries, Agencies and Institutions in Lagos. The summit was organized by Examination Ethics Marshals Worldwide.
His position was corroborated by Ike Onyechere, the founding chairman of Examination Ethics Marshals International who opined that corruption has permeated each sphere of the society which includes some educational institutions the place teachers now consider bribes from students.
“People steal what they do not want for concern of the unknown” mentioned Ideva. “The new contributory pension scheme has presented an umbrella that guarantees decent daily life for workers on retirement and secures a massive pool of money that could be deployed to national growth.”
He noted that the great successes recorded by the pension market inside of a brief time period of time would motivate staff to do their jobs honestly in the expectation that their future is assured. He also averred that the money underneath management in the pension scheme could be profited from to hold down inflation and create the country’s infrastructure.
Ideva described the CPS as a revolution unsung noting that far more than 4 trillion Naira is underneath management in the scheme even when only 6 million out of the estimated 70 million Nigerian workforce are enrolled in the scheme. “What would come about if only a quarter of Nigerian workers enlist in the scheme?” he asked.
“There ought to be a signpost on each venture executed with pension money indicating the source of the funds so as to make Nigerians mindful that the new pension scheme has previously begun to contribute to national advancement.”
He voted the National Pension Commission, PenCom, as the very best regulatory institution not only in Nigeria but on the African continent. He described it as an institution that has demonstrated that policies can function and people can play by the rules in Nigeria.
According to Mr. Farouk Aminu of PenCom who was represented by the Commission Secretary and Legal Adviser, M.S. Mohammad, “The contributory pension sector can no longer be ignored as it has proved to be a veritable platform for attaining the Federal Government’s Transformation Agenda.”